clicologoFormer Attorney General Ramesh Lawrence Maharaj, speaking at a media conference held Tuesday, one day after losing a case in the Privy Council filed on behalf of the United Policyholders Group, said CLICO was being used as a cash cow by government.

The judgement, which was handed down by law lords yesterday, dismissed the appeal filed by Maharaj and upheld the ruling of the Court of Appeal that government had no money to pay 1,500 policyholders who are owed in excess of $1 billion.

Mr. Maharaj said the judgement was a heartbreaking one.

He highlighted the fact that many of the policyholders were pensioners, retirees and widows who invested their savings on policies of insurance, hoping to have money to live over their remaining years.